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Trendtracers Weekly Market Analysis #3 for CRYPTOCAP:USDT.D by dab1rd

Review previous conclusion:

Last week we said that the market looked bullish . Well we were wrong. We got kicked out of our long on Bitcoin . Our alts did better and we made some profit there but eventually we got shaken out. The market is looking bearish . It looks like our bearish take is playing out.

BTCUSDT:

Our first impression is a bearish one, observing weekly resistance around 54/53k, a bullish scenario would’ve shown a close above this resistance. The current choppy area looks to be turning into a pullback towards the baseline where we will look for a short position on BTCUSDT . Looking at the monthly charts we’re starting to see some blood, will this be the monthly sell-off?

ETHUSDT:

Our system fired an exit signal on ETHUSDT yesterday so we’re looking to take some profits there, other indicators such as TSI* and Waddah Attar* are also showing weakness suggesting a correction to the support level atround ~2.5/2k. It might be a sideways correction but considering BTCUSDT’s movements this support might not last.

ETH on the left and BTC on the right

Total:

An exit signal on the 12H chart. Previous support was broken and now we’re seeing rejection turning it into resistance. Altcoins seem to be holding up better than Bitcoin is, however, we’re still seeing weakness on the TSI* and Waddah Attar* indicators.

Total on the left, Total2 on the right

DXY:

Interesting week, we see a nice correlation of the DXY going up and BTC going down so Elon’s crash might have been on the whole market, not just crypto.

DXY on the left, USDT on the right.

BTC .D:

This one is not doing much. Our Area marked support might act as support if support means much on Dominance.

If BTC drops, alts probably drop more and we see BTC .d move up.

MIDPERP:

Exit signal before the 12th of may, not much to say here but get the fuck out.

BTC .d W on the left, MIDPERP 1D on the right

SHITPERP

Even more GTFO than midperp , looks like a lower high even so bye bye shitcoins

Btcusdt M on the left and SHITPERP on the right.

Conclusion:

Close some of your profitable positions if you have any and avoid opening longs on alts without confirmation for now. Be careful and apply risk management. Popular opinion seems to be that we’re still in a bullish market but our indicators and TA is telling us otherwise.

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